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Tuesday, November 14, 2017

Equity Trader Alert #2017 - 206
REMINDER: Exchange Coordinated Contingency Closing Auction Scenario Testing

Category:

  • Testing

Markets Impacted:

Contact Information:

Resources:

As announced in Equity Trader Alert #2017 - 180 On December 2, 2017, Nasdaq and NYSE Arca (the “Exchanges”) will conduct a coordinated test of contingency closing auction procedures. The contingency closing auction procedures, which are in each of the Exchanges’ rules, provide the process to be followed if a marketplace disruption prevents the primary listing market from conducting a closing auction. Pursuant to such rules, Nasdaq may designate NYSE Arca, and vice versa, as the alternate exchange for conducting a cross execution to determine the official closing price for its listed securities.

On December 2, 2017, the Exchanges will test when NYSE Arca designates Nasdaq as the alternate exchange for conducting such closing cross execution for NYSE Arca-listed securities.

The contingency closing auction testing of all NYSE Arca-listed symbols will commence at noon.

The timeline for the test is as follows:

12:00 pm NYSE Arca systems will cease operating and declare that it is unable to conduct a closing crossing.
12:00 – 1:00 pm Nasdaq will accept on close orders for NYSE Arca-listed securities. Firms are encouraged to participate by sending on close orders
1:00 pm Nasdaq will conduct a closing cross execution for eligible securities and SIP will publish closing prices.

Firms are encouraged to participate to ensure future readiness by directing orders to the designated alternative Exchange for each testing date. For additional information, the Nasdaq Trade Desk at 212-231-5100.

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